Horizon Global moves back to profit

PLYMOUTH—Horizon Global Corp. (NYSE: HZN), the manufacturer of towing and trailering equipment, reported net income of $960,000 or 4 cents a share in the second quarter ended June 30, up from a loss of $16.7 million or 64 cents a share a year earlier.

Revenue was $222.1 million, up from $120.5 million a year earlier.

For the six months, the company posted a loss of $14.2 million or 50 cents a share, an improvement of $33.8 million or $1.30 a share a year earlier.

“The positive momentum from the back half of 2020 and Q1 2021 continued into Q2 2021 as we once again realized significant profitability improvement across the business,” said Terry Gohl, Horizon president and CEO. “Given the impact of the global pandemic in 2020, we are comparing our Q2 2021 results against both Q2 2020 and Q2 2019. The company has come a long way in two years, and we expect this positive momentum to continue into future periods. Our strong financial results for Q2 2021 reflect the solid foundation we have built since we launched our turnaround plan in late 2019. We now have the talent, business processes and manufacturing and distribution capabilities to support profitable growth on an accelerated timetable. During the quarter, the team demonstrated extraordinary resilience as we encountered major macroeconomic headwinds relating to material costs, supply chain and logistics. While we dealt with these headwinds on a daily or even hourly basis, we did not lose focus of our strategic plan as we continued to identify and execute business improvement initiatives to improve our operational and financial performance.”

Sales in the Americas were $128.4 million, up 17.8 percent from a year earlier. Adjusted earnings for the segment were $18.5 million, up from $12.1 million a year earlier.

Sales in Europe and Africa were $93.7 million, up from $83.7 million a year earlier. Adjusted earnings for the segment was $5.1 million, up from $4.1 million a year earlier.

To listen to a conference call discussing these results, visit www.horizonglobal.com or call (877) 344-7529 in the United States or (412) 317-0088 elsewhere, using conference ID 10155616.

Horizon brands include Draw-Tite, Reese, Westfalia, Bulldog, Fulton and Tekonsha. Horizon Global has approximately 4,350 employees.

 

 

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